Increased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
Whatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
As Hurricane Franklin starts turning North, Atlantic Canada is watching and waiting to see whether it makes a direct hit, or if the storm will weaken before reaching Canada’s coast, as current maps suggest. Franklin is expected to cross the…
COVID-19 accelerated development of process efficiencies for insurance adjusters. Pre-pandemic, data-gathering and communications systems began shifting many claims to desk teams, creating efficiencies for adjusters by reserving site visits for complex cases. “What COVID did was expedite some of that…
Watch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Canada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel…
Environment Canada (EC) has issued a tropical cyclone warning for the Atlantic provinces and southern Quebec as Hurricane Fiona is expected to impact the region starting Thursday evening and continuing into weekend. “This storm is shaping up to be a…
Hurricane Fiona could strike Atlantic Canada with tropical storm-force winds or stronger by Saturday, according to projections from the hurricane forecasters in Canada and the U.S. An advisory issued 5 a.m. AST on Monday by the U.S. National Hurricane Center…
Despite predictions of an “above normal” hurricane season this year, it’s started off with a whimper. But that doesn’t necessarily mean it will stay that way, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). In…
Hurricane researchers have slightly reduced their forecast totals for this year’s hurricane season, but still anticipate above-normal activity for the seventh consecutive season. The National Oceanic and Atmospheric Administration (NOAA) in the United States trimmed their Atlantic hurricane predictions to…
Losses to Canadian clients, from Hurricane Larry, seem to be comprised mainly of wind damage to residential property on Newfoundland Avalon’s peninsula, according to reports from adjusters so far. Hurricane Larry, which originated in the North Atlantic Ocean, passed by…